System and method for generating customized odds bet for an event

ABSTRACT

A system for managing bets comprises a memory and a processor. The memory stores information associated with a field of participants for an event, each participant associated with particular odds for the event. The processor receives a bet that a lead participant from the field of participants will finish in a particular subset of finishing positions in the event, wherein the bet is associated with customized odds. The processor further select one or more additional participants from the field of participants to add to the bet such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet.

CROSS REFERENCE TO RELATED APPLICATION

This application is related to and claims the benefit of U.S.Provisional Application No. 60/484,316 filed Jul. 1, 2003.

TECHNICAL FIELD OF THE INVENTION

This invention relates in general to betting on events and, moreparticularly, to a system and method for generating customized odds betsfor an event.

BACKGROUND OF THE INVENTION

Wagering on sporting events, such as horse races, for example, is alarge and growing industry in many parts of the world. Various types ofbetting products or systems are available for various types of sportingevents. For example, typical horse racing bets allow bettors to bet on asingle horse or on several horses in a particular race or series ofraces. For instance, a bettor can bet on a particular horse to finishfirst (win), finish in the top two (place), or finish in the top three(show). A bettor may also make various combination bets with multiplehorses, such as an exacta bet (covering the top two horses in order) ora trifecta bet (covering the top three horses in order). In addition, abettor may bet on a series of races, such as the daily double (winnersof two consecutive races), the pick-three (winners of three consecutiveraces), and the pick-six (winners of six consecutive races), forexample.

In a pari-mutuel betting system, all bets regarding a particular eventare aggregated, a commission (or “take-out”) is taken by the track, andthe remainder is distributed among the winning bettors. For example,pari-mutuel betting systems are commonly used in North America (andother various places throughout the world) for betting on horse races.

SUMMARY OF THE INVENTION

In one embodiment, a method of managing bets includes identifying afield of participants for an event, each participant associated withparticular odds to finish in a particular position in the event. Themethod continues by identifying customized odds for a bet, andidentifying a lead participant from the field of participants. Themethod proceeds by selecting one or more additional participants fromthe field of participants such that the odds associated with the leadparticipant combined with the odds associated with the one or moreselected additional participants at least approximates the customizedodds for the bet. The method concludes by establishing the bet on agroup of participants that comprises the lead participant and theadditional participants.

In another embodiment, a system for managing bets comprises a memory anda processor coupled to the memory. The memory stores informationassociated with a field of participants for an event, each participantassociated with particular odds for the event. The processor receives abet that a lead participant from the field of participants will finishin a particular subset of finishing positions in the event, wherein thebet is associated with customized odds. The processor further select oneor more additional participants from the field of participants to add tothe bet such that the odds associated with the lead participant combinedwith the odds associated with the one or more selected additionalparticipants at least approximates the customized odds for the bet.

In yet another embodiment, a method of managing bets comprisesidentifying a field of participants for an event, each participantassociated with particular odds to finish in a particular subset offinishing positions in the event. The method continues by identifyingcustomized odds for a bet. The method proceeds by selecting a pluralityof participants from the field of participants such that the oddsassociated with each of the selected participants combines to at leastapproximate the customized odds for the bet. The method concludes byestablishing the bet on the selected participants.

Various embodiments of the present invention may benefit from numerousadvantages. It should be noted that one or more embodiments may benefitfrom some, none, or all of the advantages discussed below. Thecustomized odds bet described herein will appeal to a bettor who prefersa participant that has more than the customized odds (e.g., more than1-1 odds for an even money bet) to finish in a particular subset offinishing positions in an event (e.g., win, place, show, etc. for ahorse race) and is willing to relinquish some of her potential winningsin order to have additional participants included in the bet. Otheradvantages will be readily apparent to one having ordinary skill in theart from the following figures, descriptions, and claims.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more complete understanding of the present invention and forfurther features and advantages, reference is now made to the followingdescription, taken in conjunction with the accompanying drawings, inwhich:

FIG. 1 illustrates a system for establishing, managing, and payingcustomized odds bets in accordance with one embodiment of the presentinvention;

FIG. 2 illustrates one embodiment of an odds equalization table used inthe system of FIG. 1;

FIGS. 3A-3B illustrate a table depicting example bet data for variouscustomized odds bets;

FIG. 4 is a flowchart illustrating an example method of establishing,managing, and paying customized odds bets in accordance with oneembodiment of the present invention; and

FIG. 5 is a flowchart illustrating an example method of determining agroup of participants for a customized odds bet.

DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS OF THE INVENTION

FIG. 1 illustrates an example system 10 for establishing, managing, andpaying bets 12, such as customized odds bets 12, in accordance with oneembodiment of the present invention. System 10 includes one or morebetting system interfaces 14 and a betting system platform 16 coupled byone or more communication networks 18. In general, one or more clients20 may receive betting information (such as event times, betting rules,betting options and odds, for example) and/or place bets 12 via bettingsystem interfaces 14. Betting system interfaces 14 communicate such bets12 received from clients 20 to betting system platform 16. Bettingsystem platform 16 processes and stores bets 12, determines appropriateodds and payouts, and communicates such odds and payouts to one or moreof the betting system interfaces 14.

A customized odds bet 12 is a bet that a particular one or a subset of agroup of participants 80 selected from a field of participants willfinish in a predetermined subset of finishing positions of a pari-mutuelwagering event, such as a horse race, dog race, auto race, jai alai, orgolf tournament, for example. The bet 12 is referred to as a customizedodds bet 12 because the odds associated with the bet 12, and thereforethe total return, may be customized by a bettor or system 10. Therefore,a bettor or system 10 can identify a set of odds for a bet 12 on anevent, also referred to as customized odds 86, and then system 10 canform a group of participants 80 for the bet 12 that will have overallodds that approximate the customized odds 86. System 10 selects thegroup of participants 80 for the bet 12 from the field of participantsin the event based upon the odds associated with each individualparticipant.

For example, a bettor or system 10 may desire a bet 12 having customizedodds 86 of 1-1, also referred to as an even money bet 12. In such acase, system 10 can form a group of participants 80 for the even moneybet 12 such that the overall odds for the bet 12 at least approximate1-1. In another example, a bettor or system 10 may desire a bet 12having customized odds 86 of 6-5, 2-1, or 3-1, etc. System 10 would thenform an appropriate group of participants 80 for a customized odds bet12 at least approximating the desired customized odds 86. An advantageof system 10 is that it can construct bets 12 based on a combination ofparticipants such that the bets 12 are associated with overall odds,such as customized odds 86, that may not otherwise be available for abet 12 on any individual participant.

The group of participants 80 for the customized odds bet 12 is formed,in one embodiment, by identifying a lead participant 82 from the fieldof participants. The lead participant 82 is associated with particularodds that are more than the customized odds 86. For example, if thecustomized odds 86 for a particular bet 12 are 1-1, then the leadparticipant 82 would have odds more than 1-1 such as, for example, 2-1,3-1, 4-1, etc. In one embodiment, the lead participant 82 for thecustomized odds bet 12 is selected by a bettor. In this embodiment, thelead participant 82 may be the preferred participant of the bettor. Inanother embodiment, the lead participant 82 for the customized odds bet12 is selected by the system 10. System 10 selects one or moreadditional participants 84 from the field of participants to be added tothe group of participants 80 to construct a bet 12 having overall oddsthat at least approximate the customized odds 86. In particularinstances, system 10 may form a group of participants 80 for a bet 12having overall odds that exactly equal the customized odds 86, but suchprecision is not necessary for the bet 12 to be established by system10.

The selection of the additional participants 84 is made based at leastin part upon the odds associated with the lead participant 82 and theodds associated with each of the other participants remaining in thefield of participants. Therefore, the group of participants 80 for thecustomized odds bet 12 comprises the lead participant 82 and the one ormore additional participants 84 selected by system 10. Although theremainder of this specification is described in terms of a group ofparticipants 80 having a lead participant 82 and additional participants84, system 10 may form a group of participants 80 for the customizedodds bet 12 without specifically designating a lead participant 82 oradditional participants 84. In this embodiment, for example, a bettorwould place a customized odds bet 12 having particular customized odds86 and system 10 would subsequently determine and notify the bettor asto which participants were selected to form the group of participants 80for the bet 12.

The customized odds bet 12 is associated with a bet amount 52. Bet 12comprises a customized odds bet 12 because the odds to finish in aparticular subset of finishing positions of an event for the leadparticipant 82 combined with the corresponding odds associated with eachof the additional participants 84 of the group of participants 80 atleast approximate the customized odds 86. If any one of the group ofparticipants 80 finishes in the particular subset of finishing positionsassociated with the bet 12, the total return associated with the bet 12will be based upon the customized odds 86. For an even money bet 12 towin the event, for example, if any one of the group of participants 80wins the event, the total return associated with the bet 12 willapproximate twice the bet amount 52 (e.g., the bettor wins an amountapproximating the bet amount 52 and also receives back the original betamount 52). The customized odds bet 12 described herein will appeal to abettor who prefers a participant that has more than the customized odds(e.g., more than 1-1 odds for an even money bet 12) to finish in aparticular subset of finishing positions in an event and is willing torelinquish some of her potential winnings were that participant tofinish in a winning position in order to have additional participantsincluded in the bet.

To include the additional participants 84 in the group of participants80 for the customized odds bet 12, system 10 allocates a portion of thebet amount 52 to each of the participants in the group of participants80. The allocation is based at least in part upon the odds associatedwith each of the participants in the group of participants 80. In someembodiments, system 10 selects the additional participants 84 to beadded to the group of participants 80 while wagering on the event isongoing. In such an embodiment, the current odds associated with eachparticipant takes into account the portion of bet amount 52 to beallocated among the participants in the group of participants 80.

In particular instances, it may be possible to form multiple customizedodds bets 12 based upon different groups of participants 80 for the sameor different outcome of an event (e.g., win, place, show for a horserace). For example, a first customized odds bet 12 may be based upon agroup of participants 80 comprising a first lead participant 82 andparticular additional participants 84. Moreover, a second customizedodds bet 12 for the same or different outcome of the same event may bebased upon a different group of participants 80 comprising the same ordifferent lead participant 82 and the same or different additionalparticipants 84 (so long as at least one participant in the group ofparticipants 80 for the second customized odds bet 12 is different fromthe participants in the group of participants 80 for the firstcustomized odds bet 12).

Betting pools 54 are formed for an event based on the placement ofvarious types of straight bets 12, customized odds bets 12, or any otherbets 12 that are established for the event. For example, various bets 12may be made based upon the finishing positions of a particular horse ina horse race, such as whether the horse will win, place, or show in thehorse race. System 10 forms separate betting pools 54 for each of thesetypes of bets 12 and establishes odds for each participant to finish ineach of these finishing positions based upon the proportion of money beton that participant versus the overall amount of money accumulated inthe relevant betting pool 54.

Various bets 12 may also be made based upon the finishing positions ofvarious combinations of horses in a horse race, such as, for example,exacta bets (covering the top two horses in exact order), trifecta bets(covering the top three horses in exact order), superfecta bets(covering top four horses in exact order), and quinella bets (coveringthe top two horses in any order), etc. System 10 also forms separatebetting pools 54 for each of these types of bets 12 and establishes oddsfor each combination of participants to finish in each of thesefinishing positions based upon the proportion of money bet on aparticular combination of participants versus the overall amount ofmoney accumulated in the relevant betting pool 54. Moreover, system 10may treat a combination of participants as a single participant (e.g.,lead participant 82 or additional participant 84) for purposes ofestablishing these types of customized odds bets 12.

In one embodiment, for example, to construct a customized odds bet 12for an exacta bet in a particular horse race, system 10 may treat thecombination of horses 1 and 3 as lead participant 82, and thecombination of horses 4 and 5 and horses 7 and 9 as additionalparticipants 84 to form the group of participants 80. In anotherembodiment, system 10 permits the bettor to select a particularparticipant and then selects additional participants to be mated withthe particular participant according to the particular type ofcustomized odds bet 12 being formed. For example, system 10 may permitthe bettor to select a particular horse, such as horse 3, for an exactabet in a particular horse race. System 10 may pair up horse 3 with oneor more additional horses in the race to form several combinations ofhorses for a customized odds bet 12. In particular, system 10 may pairup horse 3 with horse 4, with horse 7, and with horse 9 to form threeseparate combinations of horses (e.g., horses 3 and 4; horses 3 and 7;and horses 3 and 9). Each combination of horses may be treated as asingle participant for purposes of determining odds with respect to thecustomized odds bets 12.

In this regard, system 10 is a pari-mutuel betting system in whichparticular bets 12 regarding particular finishing positions for aparticular event are pooled, odds for the participants (or combinationof participants) are determined within each betting pool 54, acommission (or “take-out”) is taken by the track or other wageringprovider in one embodiment, and the remainder is distributed among thewinning bettors for any given betting pool 54.

Betting system interfaces 14 may include any suitable interface betweena client 20 and betting system platform 16. For example, as shown inFIG. 1, betting system interfaces 14 may include physical interfaces,such as track interfaces 26 and/or off-track interfaces 28. Trackinterfaces 26 are generally located at a track, while off-trackinterfaces 28 are generally located at an off-track-betting (OTB)establishment, such as an OTB parlor. Track interfaces 26 and off-trackinterfaces 28 may include tellers 30, which may receive bets 12 from anddistribute payouts to clients 20, and/or monitors 32, which may beviewed by clients 20 to monitor betting information such as the eventtime, the current odds, and the projected or actual payouts for variousbets 12, for example. In some situations, such information may beupdated substantially in real time or at preset intervals (such as every30 seconds, for example) as new bets 12 are placed and/or as informationregarding the event changes, for example. Monitors 32 may include, forexample, tote-boards or closed-circuit televisions located at a track orOTB establishment. The additional participants 84 to the group ofparticipants 80 for a customized odds bet 12 can be identified anddisplayed by a monitor 32. For example, the infield tote-board at aracetrack will list all participants in a race and identify whichadditional horses 84 have been coupled with a particular lead horse 82for various customized odds bets 12. This process could occur at anysuitable time, such as after wagering on the race closes, before thestart of the race, or after the start of the race, so that the bettorwill know all of her horses prior to the completion of the race.

Track interfaces 26 and/or off-track interfaces 28 may also include oneor more self-service betting machines 33. In some embodiments,self-service betting machines 33 allow clients 20 to insert payment intothe machine (such as cash or by using a voucher or a credit or debitcard), place one or more bets 12, and receive a printout (such as aticket, for example) indicating the bet or bets placed. Printouts forwinning bets may be inserted into the self-service betting machine, suchas to receive a payment voucher (which may be used to receive a payoutfrom a teller 30) or to place additional bets 12. In other embodiments,self-service betting machines 33 allow clients 20 to use a credit card,a debit card, or a smart card to place bets 12. The credit or debit cardmay have an associated account, which may be a betting account providedand/or managed by a betting account provider using, for example, acentralized computer system. The smart card may itself store informationregarding a betting account and various bets, or may also be linked to abetting account using a centralized computer system. In someembodiments, after the betting event is completed, a client 20 mayinsert or swipe his or her credit, debit, or smart card in theself-service betting machines 33 in order to update the balance on thecard. Self-service betting machines 33 may also allow the client 20 toprint out payment vouchers which may be presented to a teller 30 inorder to receive payments.

As shown in FIG. 1, betting system interfaces 14 may also includevarious non-physical interfaces, such as one or more telephone operators34 and one or more websites 36. Clients 20 may access or communicatewith such non-physical interfaces via one or more communication networks44. Communication networks 44 may include one or more servers, routers,switches, repeaters, backbones, links and/or any other appropriate typeof communication devices coupled by links such as wire line, optical,wireless, or other appropriate links. In general, communication network44 may include any interconnection found on any communication network,such as a telephone network, a local area network (LAN), metropolitanarea network (MAN), wide area network (WAN), the Internet, portions ofthe Internet, or any other data exchange system. To access bettingsystem interface 14 using communication networks 44, clients 20 may usea computer, a personal digital assistant (PDA), a cell-phone, a remotepaging device, an electronic mail communication device, a handheldbetting device, or any other suitable mobile device. In certainembodiments, clients 20 may receive any suitable information, such asbetting information, from betting system platform 16 via mobile devicesusing, for example, communication networks 44 and betting systeminterfaces 14.

Telephone operators 34 may communicate betting information to, and takebets 12 from, clients 20. Similarly, websites 36 may communicate bettinginformation to clients 20 and allow clients 20 to place bets 12. One ormore of such websites 36 may be hosted by one or more servers associatedwith system 10, which server or servers may also host betting systemplatform 16 in some embodiments. In some embodiments, bettinginformation available to clients 20 via websites 36 may be updatedsubstantially in real time or at preset intervals (such as every 30seconds, for example) as new bets 12 are placed and/or as informationregarding the event changes, for example.

In some embodiments, one or more websites 36 may be provided by, orassociated with, an Internet betting provider 46, for example. Internetbetting provider 46 may provide Internet account wagering by providingonline betting accounts to one or more clients 20. Using an onlinebetting account, a client 20 may interface with one or more websites 36associated with the Internet betting provider 46 in order to fund theaccount, view betting information regarding betting events, and placebets 12. Such online betting accounts may include one or more varioustypes of accounts, such as deposit accounts, credit accounts, stop-lossaccounts, and hybrid accounts, for example.

As discussed above, betting system platform 16 is operable to receivebets 12 from betting system interfaces 14, store the received bets 12,determine appropriate odds and payouts, and communicate such odds andpayouts to one or more of the betting system interfaces 14, which maythen display such odds and/or payouts to clients 20. As shown in FIG. 1,betting system platform 16 includes a processor 38 coupled to a memory40.

Processor 38 may comprise any suitable processor that executes a bettingsystem software application 42 or other computer instructions, such as acentral processing unit (CPU) or other microprocessor, and may includeany suitable number of processors working together. Processor 38 isgenerally operable to execute various algorithms or calculations todetermine current bet data 50, such as bet amounts 52, betting pools 54and/or potential payout data 56. Processor 38 may determine such currentbet data 50 based at least on data received from memory 40 and/or one ormore betting system interfaces 14. In addition, processor 38 may updatesuch current bet data 50 based on new information being received bybetting system platform 16. In some embodiments, processor 38 may updatecurrent bet data 50 in real time, substantially in real time, or atpreset intervals (such as every 30 seconds, for example). In addition,processor 38 performs the operations described herein to establishcustomized odds bets 12 (e.g., identifying lead participants 82,selecting additional participants 84, and forming groups of participants80 for customized odds bets 12), to manage customized odds bets 12, andto payout on customized odds bets 12.

Memory 40 may comprise one or more memory devices suitable to facilitateexecution of the computer instructions, such as one or more randomaccess memories (RAMs), read-only memories (ROMs), dynamic random accessmemories (DRAMs), fast cycle RAMs (FCRAMs), static RAM (SRAMs),field-programmable gate arrays (FPGAs), erasable programmable read-onlymemories (EPROMs), electrically erasable programmable read-only memories(EEPROMs), microcontrollers, or microprocessors. Memory 40 is generallyoperable to store various information that may be used by processor 38in determining odds and/or payouts. For example, memory 40 may compriseany suitable number of databases, which may be co-located or physicallyand/or geographically distributed. In the example shown in FIG. 1,memory 40 may store any or all of the following: betting system softwareapplication 42, current bet data 50, one or more event parameters 58,one or more bet parameters 60, one or more calculation rules 62, one ormore event results 64, and one or more bet results 66.

Event parameters 58 may comprise various parameters of one or morebetting events, such as, for example, the type of event, the time, dateand location of the event and/or the number (or in some cases, the name)of each of the participants in the event, also referred to as the fieldof participants. Bet parameters 60 may comprise various parameters ofone or more received bets 12, such as the identity of the client 20 whoplaced the bet 12, the manner in which the bet 12 was placed (such asvia telephone, the Internet, or in person at a track or OTBestablishment, for example), the type of bet 12 (such as whether the bet12 is a customized odds bet 12, for example), the commission rate on thebet 12, the participant or participants covered by the bet 12, such asthe group of participants 80, and/or the amount of the bet 12, forexample. Calculation rules 62 may comprise various equations or otheralgorithms to be used by processor 38 in determining various current betdata 50, such as for determining the additional participants 84 to beadded to the group of participants 80 for the customized odds bet 12.Event results 64 may comprise various data regarding the results of oneor more betting events, such as the final position of each participantin an event, whether there was a tie for any position and/or whether anyparticipants did not finish the event, for example. Bet results 66 maycomprise various data regarding the results of various bets 12, such asthe identity of the client 20 who placed the bet 12, whether the bet 12was a winning bet, the determined payout for the bet 12 and/or whetherthe payout was distributed to the client 20, for example.

As discussed above, one or more communication networks 18 couple andfacilitate wireless or wireline communication between one or morebetting system interfaces 14 and betting system platform 16. Eachcommunication network 18 may include one or more servers, routers,switches, repeaters, backbones, links and/or any other appropriate typeof communication devices coupled by links such as wire line, optical,wireless, or other appropriate links. In general, each communicationnetwork 18 may include any interconnection found on any communicationnetwork, such as a local area network (LAN), metropolitan area network(MAN), wide area network (WAN), the Internet, portions of the Internet,or any other data exchange system.

As shown in FIG. 1, current bet data 50 may be communicated to one ormore betting system interfaces 14 via communication network 18, asindicated by arrow 70. Current bet data 50 may then be made available toclients 20, such as via tote boards or monitors 32 located at a track orOTB establishment, for example, or on an appropriate website 36 that maybe accessed by clients 20, for example. In this manner, clients 20 mayhave access to real-time or substantially real-time current bet data 50regarding various betting events.

As discussed above, processor 38 may determine lead participant 82and/or additional participants 84 to form a group of participants 80 fora customized odds bet 12 based at least in part upon the appropriateodds associated with each of the participants. FIG. 2 illustrates oneembodiment of an odds equalization table 100 that may be used inselecting the various participants for a customized odds bet 12. Table100 includes odds 102 and percentages 104. In general, each set of odds102, ranging from 2-5 to 100-1, corresponds to a percentage 104, rangingfrom 72% to 1%. Additional and/or more detailed odds 102 and percentages104 may be included in table 100 to achieve any suitable level ofgranularity. The 1-1 odds corresponding to 50% represents an even moneywager.

Participants in an event are generally assigned odds 102 by a bookmakeror the event facility, such as a horse race track, based uponpari-mutuel wagering principles. As described above, the odds 102associated with horses in a race may be established based upon theproportion of money bet on that horse (or combination of horses) versusthe total amount of money accumulated in the relevant betting pool 54.Because each set of odds 102 corresponds to a percentage 104, eachparticipant is also associated with a percentage 104. In order to form agroup of participants 80 for a customized odds bet 12 without takeout,system 10 selects participants, from the field of participants of theevent, whose percentages 104 total an amount that corresponds with thecustomized odds 86. The percentage 104 corresponding with the customizedodds 86 is also referred to as a target percentage. For example, for aneven money bet 12 (i.e., target percentage of 50%), if the leadparticipant 82 of a group of participants 80 has 5-2 odds and,therefore, is associated with a percentage 104 of 28%, system 10 mayform the group of participants 80 by selecting other participants whosepercentages 104 total 22%, such as a participant having 7-2 odds (22%);participants having 4-1 odds (20%) and 50-1 odds (2%); or participantshaving 7-1 odds (12%) and 9-1 odds (10%). In another example, for a bet12 having customized odds 86 of 2-1 (i.e., target percentage of 33%), ifthe lead participant 82 of a group of participants 80 has 6-1 odds and,therefore, is associated with a percentage 104 of 14%, system 10 mayform the group of participants 80 by selecting other participants whosepercentages 104 total 19%, such as participants having 9-1 odds (10%)and 10-1 odds (9%); participants having 5-1 odds (16%) and 30-1 odds(3%); or a single other participant having 9-2 odds (18%) or 4-1 odds(20%).

Although the remainder of this specification is described in terms of acustomized odds bet 12 that is formed without takeout or commission, itshould be understood that customized odds bet 12 may also be formed withtakeout. In order to form a group of participants 80 for a customizedodds bet 12 with takeout, system 10 uses a different target percentagethan that used for the same odds 102 calculated without takeout. Thetarget percentage for a particular set of odds 102 with takeout can becalculated by dividing the stake of the bet 12 after takeout by thetotal expected return of the bet 12. For example, for an even money bet12, assuming a 10% takeout, system 10 selects participants, from thefield of participants of the event, having percentages 104 that total45% (e.g., bet amount 52=$1.00; total stake after 10% takeout=$0.90;total expected return for even money bet 12=$2.00; and total stake($0.90) divided by total expected return ($2.00)=0.45 or 45%). Assuminga 15% takeout for an even money bet 12, system 10 selects participantshaving percentages 104 that total 42.5% (e.g., bet amount 52=$1.00;total stake after 15% takeout=$0.85; total expected return for evenmoney bet 12=$2.00; and total stake ($0.85) divided by total expectedreturn ($2.00)=0.425 or 42.5%).

Assuming a 10% takeout for a bet 12 having customized odds 86 of 2-1,system 10 selects participants having percentages 104 that total 30%(e.g., bet amount 52=$1.00; total stake after 10% takeout=$0.90; totalexpected return for bet 12 having 2-1 odds=$3.00; and total stake($0.90) divided by total expected return ($3.00)=0.30 or 30%). Assuminga 15% takeout for a bet 12 having customized odds 86 of 2-1, system 10selects participants having percentages 104 that total 28.3% (e.g., betamount 52=$1.00; total stake after 15% takeout=$0.85; total expectedreturn for bet 12 having 2-1 odds=$3.00; and total stake ($0.85) dividedby total expected return ($3.00)=0.283 or 28.3%). The target percentagesfor other bets 12 may be similarly calculated depending upon theparticular takeout and the particular customized odds 86 of the bet 12.

As the number of participants in an event and the odds 102 forparticular participants in an event vary, it may be difficult toassemble a group of participants 80 with a total percentage 104 ofexactly the target percentage. Therefore, system 10 may attempt to forma group of participants 80 having a total percentage 104 as close to thetarget percentage as possible. In a particular embodiment, system 10 mayestablish a percentage threshold to be used to determine whethercustomized odds bets 12 may be offered for a particular event. Forexample, system 10 may establish a threshold that is three percentagepoints above or below the target percentage. In this example, system 10offers a customized odds bet 12 if the total percentage 104 for thegroup of participants 80 is within three percentage points above orbelow the target percentage. Otherwise, no customized odds bet 12 may beestablished. Where no customized odds bet 12 may be established, system10 may convert the customized odds bet 12 into a straight odds bet 12 onthe lead participant 82. System 10 may attempt to form the group ofparticipants 80 using any suitable number and combination ofparticipants in the field of participants. System 10 may form the groupof participants 80 based on the field of participants in an event usingan iterative process or by applying any suitable optimization or otherequations/calculations.

FIGS. 3A-3B illustrate a table 150 comprising example bet data 50 forvarious customized odds bets 12. In particular, each row 152 of table150 identifies a particular customized odds bet 12. Moreover, each row152 also includes event information 154; participants and oddsinformation 156; customized odds 86; bet amount 52; group ofparticipants 80, such as lead participant information 158 and additionalparticipants information 160; and payout data 56, such as win amountinformation 162 and total return information 164.

Referring to row 152 a of table 150, the customized odds bet 12 isassociated with a horse race—Race 1—including a field of horses rangingfrom Horse 1 to Horse 10. The customized odds 86 for this bet 12 is 1-1,or even money. Each of Horses 1-10 is associated with particular odds102 to win Race 1, as illustrated in participants and odds information156, based on the appropriate betting pool 54 for Race 1 (e.g., thebetting pool 54 associated with “win” bets for Race 1). The bet amount52 for this bet 12 is $200. The group of participants 80 for this bet 12includes Horse 3 as the lead horse 82 and Horses 5 and 8 as theadditional horses 84. As can be seen from the odds 102 associated withHorses 3, 5, and 8, and with reference back to FIG. 2, the totalpercentage 104 for this group of horses 80 is forty-nine (i.e., 2-1 oddsat 33%+6-1 odds at 14%+40-1 odds at 2%=49%), and is therefore within thepercentage threshold of the target percentage (50%) of an even money bet12.

As the customized odds 86 for this bet 12 is 1-1, system 10 allocates aportion of bet amount 52 to each of horses 3, 5, and 8 such that if anyone of these horses wins Race 1, the total return for the bet 12approximates twice the bet amount 52 (e.g., $400 total return for a $200bet amount). Therefore, system 10 allocates $133 to Horse 3, $57 toHorse 5, and $10 for Horse 8. In this regard, if Horse 3 wins Race 1,the win amount is $266 and the total return is $399 (e.g., win amount of$266+original bet amount of $133=$399). If Horse 5 wins Race 1, the winamount is $342 and the total return is $399 (e.g., win amount of$342+original bet amount of $57=$399). If Horse 8 wins Race 1, the winamount is $400 and the total return is $410 (e.g., win amount of$400+original bet amount of $10=$410).

Where a takeout is applicable, such as a 10% takeout, the bet amount 52is $200 and the actual amount allocated to the horses in group 80 is$180. In order to provide an even money return (e.g., $400 total returnon a $200 bet amount), the target percentage for the group of horses 80should approximate 45%, as described above with regard to FIG. 2. Thismay cause system 10 to select different horses, such as differentadditional horses 84, than those selected where no takeout applies tothe bet 12.

Referring now to row 152 b of table 150, a second customized odds bet 12may be associated with Race 1 including the same field of horses rangingfrom Horse 1 to Horse 10. The customized odds 86 for this bet 12 is 1-1,or even money. Each of Horses 1-10 is associated with particular odds102 to win in Race 1, as illustrated in participants and oddsinformation 156, based on the appropriate betting pool 54 for Race 1(e.g., the betting pool 54 associated with “win” bets for Race 1). Thebet amount 52 for this bet 12 is $100. The group of participants 80 forthis bet 12 includes Horse 2 as the lead horse 82 and Horses 4 and 9 asthe additional horses 84. As can be seen from the odds 102 associatedwith Horses 2, 4, and 9, and with reference back to FIG. 2, the totalpercentage 104 for this group of horses 80 is fifty (i.e., 7-2 odds at22%+9-2 odds at 18%+9-1 odds at 10%=50%).

As the customized odds 86 for this bet 12 is 1-1, system 10 allocates aportion of bet amount 52 to each of horses 2, 4, and 9 such that if anyone of these horses wins Race 1, the total return for the bet 12approximates twice the bet amount 52 (e.g., $200 total return for a $100bet amount). Therefore, system 10 allocates $44 to Horse 2, $36 to Horse4, and $20 for Horse 9. In this regard, if Horse 2 wins Race 1, the winamount is $154 and the total return is $198 (e.g., win amount of$154+original bet amount of $44=$198). If Horse 4 wins Race 1, the winamount is $162 and the total return is $198 (e.g., win amount of$162+original bet amount of $36=$198). If Horse 9 wins Race 1, the winamount is $180 and the total return is $200 (e.g., win amount of$180+original bet amount of $20=$200).

Referring now to row 152 c of table 150, the customized odds bet 12 isassociated with Race 1 including a field of horses ranging from Horse 1to Horse 10. The customized odds 86 for this bet 12 is 2-1 and,therefore, the target percentage for the group of horses 80 is 33%. Eachof Horses 1-10 is associated with particular odds 102 to win Race 1, asillustrated in participants and odds information 156, based on theappropriate betting pool 54 for Race 2 (e.g., the betting pool 54associated with “win” bets for Race 1). The bet amount 52 for this bet12 is $100. The group of participants 80 for this bet 12 includes Horse4 as the lead horse 82 and Horses 7 and 9 as the additional horses 84.As can be seen from the odds 102 associated with Horses 4, 7, and 9, andwith reference back to FIG. 2, the total percentage 104 for this groupof horses 80 is thirty-three (i.e., 9-2 odds at 18%+20-1 odds at 4%+9-1odds at 10%=33%).

As the customized odds 86 for this bet 12 is 2-1, system 10 allocates aportion of bet amount 52 to each of horses 4, 7, and 9 such that if anyone of these horses wins Race 1, the total return for the even money bet12 approximates three times the bet amount 52 (e.g., $300 total returnfor a $100 bet amount). Therefore, system 10 allocates $55 to Horse 4,$14.50 to Horse 7, and $30.50 to Horse 9. In this regard, if Horse 4wins Race 1, the win amount is $247.50 and the total return is $302.50(e.g., win amount of $247.50+original bet amount of $55=$302.50). IfHorse 7 wins Race 1, the win amount is $290 and the total return is$304.50 (e.g., win amount of $290+original bet amount of$14.50=$304.50). If Horse 9 wins Race 1, the win amount is $274.50 andthe total return is $305 (e.g., win amount of $274.50+original betamount of $30.50=$305).

Referring now to row 152 d of table 150, the customized odds bet 12 isassociated with Race 2 including a field of horses ranging from Horse 1to Horse 10. The customized odds 86 for this bet 12 is 1-1, or evenmoney. Each of Horses 1-10 is associated with particular odds 102 to winRace 2, as illustrated in participants and odds information 156, basedon the appropriate betting pool 54 for Race 2 (e.g., the betting pool 54associated with “win” bets for Race 2). The bet amount 52 for this bet12 is $100. The group of participants 80 for this bet 12 includes Horse1 as the lead horse 82 and Horses 7, 10, 9, and 3 as the additionalhorses 84. As can be seen from the odds 102 associated with Horses 1, 7,10, 9, and 3, and with reference back to FIG. 2, the total percentage104 for this group of horses 80 is forty-eight (i.e., 3-1 odds at25%+66-1 odds at 1%+7-1 odds at 12%+20-1 odds at 4%+15-1 odds at6%=48%), and is therefore within the percentage threshold of the targetpercentage (50%) of an even money bet 12.

As the customized odds 86 for this bet 12 is 1-1, system 10 allocates aportion of bet amount 52 to each of horses 1, 7, 10, 9, and 3 such thatif any one of these horses wins Race 1, the total return for the evenmoney bet 12 approximates twice the bet amount 52 (e.g., $200 totalreturn for a $100 bet amount). Therefore, system 10 allocates $50 toHorse 1, $25 to Horse 7, $12.50 to Horse 10, $9.50 to Horse 9, and $3 toHorse 3. In this regard, if Horse 1 wins Race 2, the win amount is $150and the total return is $200 (e.g., win amount of $150+original betamount of $50=$200). If Horse 7 wins Race 2, the win amount is $175 andthe total return is $200 (e.g., win amount of $175+original bet amountof $25=$200). If Horse 10 wins Race 2, the win amount is $187.50 and thetotal return is $200 (e.g., win amount of $187.50+original bet amount of$12.50=$200). If Horse 9 wins Race 2, the win amount is $190 and thetotal return is $199.50 (e.g., win amount of $190+original bet amount of$9.50=$199.50). If Horse 3 wins Race 2, the win amount is $198 and thetotal return is $201 (e.g., win amount of $198+original bet amount of$3=$201).

As can be seen from FIGS. 3A-3B, not all of the actual total returnamounts for each participant of a group of participants 80 exactlyequals the ideal total return amounts calculated according to therelevant customized odds 86 for the bet 12. Such a disparity is notunlike other imperfections in a pari-mutuel wagering system and islikely to be acceptable to a bettor provided, for example, that thebettor is notified of her expected returns ahead of the completion ofthe event. To minimize this disparity, system 10 may use more precisevalues for odds 102 percentages 104 than those illustrated in FIG. 2.Moreover, system 10 may make slightly different and/or more preciseallocations of bet amount 52 to various participants in the group ofparticipants 80 for a given customized odds bet 12 according to variousembodiments in order to make the total return on customized odds bets 12more or less accurate depending on the particular participant.

In one embodiment, system 10 may allocate bet amount 52 to variousparticipants such that the total return for a winning customized oddsbet 12 is as accurate as possible across the entire group ofparticipants 80. In another embodiment, system 10 may allocate betamount 52 to various participants in order starting with the leadparticipant 82 followed by each of the additional participants 84according to their odds from lowest odds to longest odds. In stillanother embodiment, system 10 may allocate bet amount 52 to variousparticipants in order starting with the lead participant 82 followed byeach of the additional participants 84 according to their odds fromlongest odds to lowest odds. In these embodiments, the total return fora winning customized odds bet 12 is most accurate for the leadparticipant 82 followed in order by the additional participants 84according to their odds. In yet another embodiment, system 10 mayallocate bet amount 52 to various participants in order according totheir odds—from lowest odds to longest odds or from longest odds tolowest odds. In this regard, the total return for a winning customizedodds bet 12 is most accurate for the participants according to the oddsof the various participants.

FIG. 4 is a flowchart illustrating an example method of establishing,managing, and paying customized odds bets 12 in accordance with oneembodiment of the present invention. At step 200, system 10 receivesbets 12 for an event. Bets 12 may comprise any suitable bets 12,including customized odds bets 12. System 10 separates the bet amounts52 placed on bets 12 other than customized odds bets 12 from those betamounts 52 placed on customized odds bets 12, at step 202. In particularembodiments, an applicable takeout may also be removed from the betamounts 52 before proceeding with the remainder of the process. At step204, system 10 generates initial odds 102 within relevant betting pools54 for each participant (or combination of participants) of the eventbased upon the bet amounts 52 placed on bets 12 other than customizedodds bets 12, as determined at step 202. Execution proceeds to step 206where system 10 determines the group of participants 80 for thecustomized odds bets 12 based upon the initial odds 102 determined atstep 204. Step 206 is illustrated in further detail with reference tothe flowchart of FIG. 5. At step 208, system 10 allocates the betamounts 52 placed on customized odds bets 12 among the group ofparticipants 80 determined at step 206. At step 209, system 10recalculates odds 102 for each participant in response to the allocationperformed at step 208.

Execution proceeds to step 210 where system 10 determines whether theallocation of bet amounts 52 for all bets 12 received at step 200 yieldsa proper distribution such that the winners of particular bets 12 may bepaid the appropriate sums according to the odds generated for eachparticipant at step 209. If not, execution proceeds to step 218 wheresystem 10 redetermines the group of participants 80 for the customizedodds bets 12. System 10 reallocates the bet amounts 52 placed on variouscustomized odds bets 12 at step 220 according to the group ofparticipants 80 determined at step 218, and recalculates odds 102 foreach participant at step 209. System 10 determines whether a properdistribution has been achieved at step 210. System 10 continues toredetermine the group of participants 80 (218), reallocate bet amounts52 for customized odds bets 12 (220), and recalculate odds 102 for eachparticipant (209) in an iterative fashion until a proper distributionhas been achieved, as determined at step 210.

Once a proper distribution has been achieved, as determined at step 210,execution proceeds to step 212 where system 10 determines whetherbetting has closed. If not, system 10 receives additional bets 12 atstep 214 and recalculates odds 102 for each participant at step 216.System 10 then proceeds through the iterative process of redeterminingthe group of participants 80 (218), reallocating bet amounts 52 forcustomized odds bets 12 (220), and recalculating odds 102 for eachparticipant (209) until a proper distribution has been achieved, asdetermined at step 210. If betting has been closed, as determined atstep 212, execution proceeds to step 222 where system 10 finalizes thecustomized odds bets 12. System 10 displays the selected group ofparticipants 80 for the customized odds bets 12 at step 224. For a horserace, for example, the group of horses 80 may be displayed upon aninfield tote-board either prior to or soon after the start of the race.

System 10 receives event results at step 226 and determines whether anycustomized odds bets 12 are winners at step 228. If so, executionproceeds to step 230 where system 10 pays such winners a total returnaccording to the customized odds 86 of the particular bet 12. If nowinners were determined at step 228 or if the winners have been paid atstep 230, execution terminates at step 232.

It should be understood that the flowchart of FIG. 4 is only one exampleof a method for establishing, managing, and paying customized odds bets12. Other methodologies including any particular number, combination,and ordering of steps illustrated in the flowchart of FIG. 4 may besuitable.

FIG. 5 is a flowchart illustrating an example method of determining agroup of participants 80 for a customized odds bet 12 in accordance withone embodiment of the present invention. System 10 identifies a leadparticipant 82 for the group of participants 80 at step 250. System 10identifies customized odds 86 and the type of customized odds bet 12(e.g., win bet, place bet, show bet, exacta bet, trifecta bet,superfecta bet, quinella bet, etc. for a horse race) at steps 252 and254, respectively. The lead participant 82, customized odds 86 and thetype of customized odds bet 12 being placed may be selected, forexample, by a bettor while wagering on the event is ongoing.

As described above, lead participant 82 is associated with particularodds 102 for the event and a corresponding percentage 104, asillustrated in FIG. 2. System 10 determines a target percentage for thegroup of participants 80 at step 256, based at least in part upon thecustomized odds 86 identified at step 252 and any applicable takeout.System 10 determines additional participants 84 to form the group ofparticipants 80 at step 258, based at least in part upon the odds 102associated with the lead participant 82 and the remainder of theparticipants in the event, and the target percentage determined at step256. Step 258 may involve a series of iterations performed by system 10before arriving at an appropriate group of participants 80.Alternatively or in addition, system 10 may employ a series ofcalculations and equations to determine the appropriate group ofparticipants 80. In particular instances where a group of participants80 cannot be formed for a customized odds bet 12, system 10 may form astraight odds bet 12 on the lead participant 82.

It should be understood that the flowchart of FIG. 5 is only one exampleof a method for determining a group of participants 80 for a customizedodds bet 12. Other methodologies including any particular number,combination, and ordering of steps illustrated in the flowchart of FIG.5 may be suitable.

Although embodiments of the invention and their advantages are describedin detail, a person skilled in the art could make various alterations,additions, and omissions without departing from the spirit and scope ofthe present invention as defined by the appended claims.

1. A method of managing bets, comprising: identifying a field ofparticipants for an event, each participant associated with particularodds to finish in a particular subset of finishing positions in theevent; identifying customized odds for a bet; identifying a leadparticipant from the field of participants; selecting one or moreadditional participants from the field of participants such that theodds associated with the lead participant combined with the oddsassociated with the one or more selected additional participants atleast approximates the customized odds for the bet; establishing the beton a group of participants that comprises the lead participant and theadditional participants.
 2. The method of claim 1, wherein the bet isassociated with a bet amount and comprises a bet that at least one ofthe participants from the group of participants will finish in apredetermined subset of finishing positions associated with the event.3. The method of claim 2, further comprising paying a total returnassociated with the bet, wherein the total return is based at least inpart upon the customized odds.
 4. The method of claim 3, wherein: thecustomized odds are one-to-one odds; and the total return associatedwith the bet approximates twice the bet amount.
 5. The method of claim2, wherein the subset of finishing positions associated with the eventcomprise at least one of first place, second place, or third place inthe event.
 6. The method of claim 1, wherein the field of participantscomprises a plurality of horses in a horse race.
 7. The method of claim1, wherein: the event comprises a pari-mutuel wagering event; andselecting one or more additional participants from the field ofparticipants is performed at least in part while wagering on the eventis ongoing.
 8. The method of claim 2, further comprising allocating aportion of the bet amount to each of the participants in the group ofparticipants, wherein the allocation is based at least in part upon theodds associated with each of the participants in the group ofparticipants.
 9. The method of claim 1, further comprising determiningthat a bet associated with the customized odds may not be establishedand, in response, establishing a bet on the lead participant based uponthe odds of the lead participant.
 10. The method of claim 1, furthercomprising determining a target percentage based at least in part uponthe customized odds for the bet and a takeout associated with the bet,and wherein selecting one or more additional participants from the fieldof participants further comprises selecting one or more additionalparticipants based at least in part upon the target percentage.
 11. Themethod of claim 1, wherein: the lead participant comprises a pluralityof participants; each additional participant comprises a plurality ofparticipants.
 12. The method of claim 11, wherein: the field ofparticipants comprises a plurality of horses in a horse race; and thebet comprises one of an exacta bet, a trifecta bet, a superfecta bet,and a quinella bet.
 13. A method for managing bets, comprising:identifying a field of participants for an event, each participantassociated with particular odds to finish in a particular subset offinishing positions in the event; identifying customized odds for a bet;selecting a plurality of participants from the field of participantssuch that the odds associated with each of the selected participantscombines to at least approximate the customized odds for the bet;establishing the bet on the selected participants.
 14. The method ofclaim 13, wherein the bet is associated with a bet amount and comprisesa bet that at least one of the selected participants will finish in apredetermined subset of finishing positions associated with the event.15. The method of claim 14, further comprising paying a total returnassociated with the bet, wherein the total return is based at least inpart upon the customized odds.
 16. The method of claim 15, wherein: thecustomized odds are one-to-one odds; and the total return associatedwith the bet approximates twice the bet amount.
 17. The method of claim14, wherein the subset of finishing positions associated with the eventcomprise at least one of first place, second place, or third place inthe event.
 18. The method of claim 13, wherein the field of participantscomprises a plurality of horses in a horse race.
 19. The method of claim13, wherein: the event comprises a pari-mutuel wagering event; andselecting a plurality of participants from the field of participants isperformed at least in part while wagering on the event is ongoing. 20.The method of claim 14, further comprising allocating a portion of thebet amount to each of the selected participants, wherein the allocationis based at least in part upon the odds associated with each of theselected participants.
 21. The method of claim 13, further comprisingdetermining that a bet associated with the customized odds may not beestablished and, in response, establishing a bet on a particular one ofthe selected participants based upon the odds of that participant. 22.The method of claim 13, further comprising determining a targetpercentage based at least in part upon the customized odds for the betand a takeout associated with the bet, and wherein selecting a pluralityof participants from the field of participants further comprisesselecting a plurality of participants based at least in part upon thetarget percentage.
 23. The method of claim 13, wherein each of theselected participants comprises a plurality of participants.
 24. Themethod of claim 23, wherein: the field of participants comprises aplurality of horses in a horse race; and the bet comprises one of anexacta bet, a trifecta bet, a superfecta bet, and a quinella bet.
 25. Amethod of managing bets, comprising: identifying a field of participantsfor an event, each participant associated with particular odds for theevent; receiving a bet that a lead participant from the field ofparticipants will finish in a particular subset of finishing positionsassociated with the event, wherein the bet is associated with customizedodds; and selecting one or more additional participants from the fieldof participants to add to the bet such that the odds associated with thelead participant combined with the odds associated with the one or moreselected additional participants at least approximates the customizedodds for the bet.
 26. The method of claim 25, wherein if any one of thelead participant or the additional participants finishes in theparticular subset of finishing positions in the event, a total returnassociated with the bet will be based upon the customized odds.
 27. Themethod of claim 25, wherein: the bet is associated with a bet amount;the customized odds approximate one-to-one odds; and a total returnassociated with the bet approximates twice the bet amount.
 28. Themethod of claim 25, wherein the subset of finishing positions associatedwith the event comprise at least one of first place, second place, orthird place in the event.
 29. The method of claim 25, wherein the fieldof participants comprises a plurality of horses in a horse race.
 30. Themethod of claim 25, wherein the bet comprises a bet amount and the leadparticipant and the additional participants form a group ofparticipants, the method further comprising allocating a portion of thebet amount to each of the participants in the group of participants,wherein the allocation is based at least in part upon the oddsassociated with each of the participants in the group of participants.31. The method of claim 25, wherein: the event comprises a pari-mutuelbetting event; and selecting one or more additional participants fromthe field of participants is performed at least in part while wageringon the event is ongoing.
 32. The method of claim 25, further comprisingdetermining that a bet associated with the customized odds may not beestablished and, in response, establishing a bet on the lead participantbased upon the odds of the lead participant.
 33. The method of claim 25,further comprising determining a target percentage based at least inpart upon the customized odds for the bet and a takeout associated withthe bet, and wherein selecting one or more additional participants fromthe field of participants further comprises selecting one or moreadditional participants based at least in part upon the targetpercentage.
 34. The method of claim 25, wherein: the lead participantcomprises a plurality of participants; each additional participantcomprises a plurality of participants.
 35. The method of claim 34,wherein: the field of participants comprises a plurality of horses in ahorse race; and the bet comprises one of an exacta bet, a trifecta bet,a superfecta bet, and a quinella bet.
 36. A system for managing bets,comprising: a memory operable to store information associated with afield of participants for an event, each participant associated withparticular odds for the event; and a processor coupled to the memory andoperable to: receive a bet that a lead participant from the field ofparticipants will finish in a particular subset of finishing positionsassociated with the event, wherein the bet is associated with customizedodds; and select one or more additional participants from the field ofparticipants to add to the bet such that the odds associated with thelead participant combined with the odds associated with the one or moreselected additional participants at least approximates the customizedodds for the bet.
 37. The system of claim 36, wherein if any one of thelead participant or the additional participants finishes in theparticular subset of finishing positions in the event, a total returnassociated with the bet will be based upon the customized odds.
 38. Thesystem of claim 36, wherein: the bet is associated with a bet amount;the customized odds approximate one-to-one odds; and a total returnassociated with the bet approximates twice the bet amount.
 39. Thesystem of claim 36, wherein the subset of finishing positions associatedwith the event comprise at least one of first place, second place, orthird place in the event.
 40. The method of claim 36, wherein the fieldof participants comprises a plurality of horses in a horse race.
 41. Thesystem of claim 36, wherein the bet comprises a bet amount and the leadparticipant and the additional participants form a group ofparticipants, the processor further operable to allocate a portion ofthe bet amount to each of the participants in the group of participants,wherein the allocation is based at least in part upon the oddsassociated with each of the participants in the group of participants.42. The system of claim 36, wherein: the event comprises a pari-mutuelbetting event; and selecting one or more additional participants fromthe field of participants is performed at least in part while wageringon the event is ongoing.
 43. The system of claim 36, wherein theprocessor is further operable to determine that a bet associated withthe customized odds may not be established and, in response, establish abet on the lead participant based upon the odds of the lead participant.44. The system of claim 36, wherein the processor is further operable todetermine a target percentage based at least in part upon the customizedodds for the bet and a takeout associated with the bet, and whereinselecting one or more additional participants from the field ofparticipants further comprises selecting one or more additionalparticipants based at least in part upon the target percentage.
 45. Thesystem of claim 36, wherein: the lead participant comprises a pluralityof participants; each additional participant comprises a plurality ofparticipants.
 46. The system of claim 45, wherein: the field ofparticipants comprises a plurality of horses in a horse race; and thebet comprises one of an exacta bet, a trifecta bet, a superfecta bet,and a quinella bet.